BOSTON (TheStreet) -- This was a great week for the small but vocal group of loonies who believe in the existence of a vast conspiracy to keep Dendreon's (DNDN) prostate cancer vaccine Provenge from ever reaching the market.The rants of the "P Baggers" -- as I like to call them -- served as the inspiration for this week's Biotech Stock Mailbag.
- Fact: The Favus report began hitting the inboxes of institutional investors Tuesday morning before 7 a.m. EST.
- Fact: Early but small trades in Dendreon were hitting Tuesday's pre-market tape at 7:15 a.m. showing the stock down almost $1.50, or 4%. At 7:45 a.m., Dendreon was trading at $29.75, down more than 8% from Monday's close. By 8:30, the stock was at $29.23, down 10%.
- Fact: My first indication that something was awry came via Twitter at 7:51 a.m. when someone I follow tweeted that the stock was down big for an unknown reason. At about the same time, I checked my inbox and saw an email from Favus with his report attached. Favus' email was sent to me at 7:54 a.m.
P Baggers aren't the only group out there who can't take personal responsibility for their own actions. Medivation's ( MDVN) Alzheimer's drug Dimebon failed miserably in a phase III study this week. While I previously stated my optimism for Dimebon, I also was careful to explain the huge risks involved. This and my Medivation Mailbag column weren't cathartic enough for "Goks," who writes, " Why is that your predictions always go wrong? I'm talking about Medivation. What is the difference between me and you in terms of judging things? I have no idea what on earth makes people like you write articles. You should step down from writing articles. On the other hand if you are manipulating stocks like Mr. Cramer, you should hang yourself for eating into the lives of many gullible people. In my opinion, people who do not make money by honest ways should better get to flesh trade. I hope you agree with me." I don't agree with you, Goks, but your e-mail stands as a reminder that free enterprise means crazy, stupid people can play the stock market, too.